Libra paves the way for cryptocurrencies

Cashless payments are standard in our time. There is nothing surprising and innovative about paying with a credit card. Still, cryptocurrency payments are quite a controversial topic. In surveys conducted on American society, as many as 76% were in favor of not eliminating cash in circulation. Only 13% were in favor of completely switching to cashless only. What is so special about the Libra project? Why does it look like the key of cryptocurrencies for their acceptance in global payments?

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Accelerated adoption of cryptocurrencies

Libra to a large extent (if the project enters all the intended areas, or at least a significant part) is to facilitate blockchain technology and cryptocurrencies access to the cashless payments market. Deutshe Bank's recently published Image 2030 report pointed out the introduction of Libra as a huge milestone accelerating the execution of transactions in this form. Marion Laboure (one of the authors of the report) claims that "When Facebook announced [start] Libra, its new cryptocurrency payment system, this debate affected all levels of society and politics earlier this year. " She was right about this, bearing in mind the numerous government debates after the project was announced by Facebook. These deliberations concerned, inter alia, the regulations that will have to be followed (or not) having in mind the positive scenario of Facebook's implementation.

Libra blazes the trail

The topic of introducing regulations regarding the use of cryptocurrencies as a means of payment is being discussed more and more often. Recent information from the UK, which she considered BTC for ownership, of course, works in favor of the project. The report itself indicates two countries that are particularly active in this area - China and India. Quite recently, at the end of October, the Chinese president approved the blockchain technology "As an important point for independent innovation in core technologies" - as Laboure writes.

Therefore, Libra is perceived as one of the real pioneers of mass non-cash transactions carried out using cryptocurrencies. Initial plans assume its introduction in the first half of 2020.